KARACHI: Pakistan Stock Exchange witnessed mixed trend during the outgoing three-day week ended on July 19, as the market started the week on bullish trend and hit new highest levels but failed to continue this trend due to heavy selling on the last trading session that eroded most of its gains.
The benchmark KSE-100 index gained 173.79 points on week-on-week basis and closed at 80,117.89 points. Trading activities slightly improved as average daily volumes increased by 5.6 percent to 463.55 million shares during this week as compared to previous week’s average of 438.83 million shares while average daily traded value on the ready counter increased by 29.1 percent to Rs 26.81 billion during this week against previous week’s Rs 20.77 billion.
BRIndex100 lost 66.49 points during this week to close at 8,458.40 points with average daily turnover of 369.959 million shares.
BRIndex30 declined by 427.19 points on week-on-week basis to close at 26,757.95 points with average daily trading volumes of 236.855 million shares.
The foreign investors however remained net buyers of shares worth $9.328 million during this week.Total market capitalization increased by Rs 32 billion during this week to Rs 10.662 trillion.
An analyst at AKD Securities said that the week began with the market showing bullish momentum from the outset after Pakistan and IMF reached a staff level agreement for a $7.0 billion Extended Fund Facility (EFF) programme, which instilled optimism amongst investors. Meanwhile the political tensions persist, as government mulls opposition party ban. Consequently, the bullish trend did not sustain throughout the week and the market faced volatility in the last session. Overall the benchmark KSE-100 index closed with a gain of 173points or 0.22 percent WoW, closing at 80,117points on Friday.
Sector-wise, Close end Mutual Fund, Automobile Parts & Accessories, Property and Vanaspati& Allied Industries were amongst the top performers, up 6.62 percent/4.56 percent/4.42 percent/3.64 percent. On the other hand, Tobacco, Jute, Textile Weaving and Power Generation & Distribution were amongst the worst performers with a decline of 11.49 percent/7.49 percent/4.87 percent/4.17 percent.
Flow wise, major net selling was recorded by Insurance Companies with a net sell of $7.66million. On the other hand, Foreigners absorbed most of the selling with a net buy of $9.33million.
Company-wise, top performers during the week were AVN (up 16.8 percent, THALL (up 11.6 percent), JVDC (up 7.8 percent), SNGP (up 7.0 percent) and EFUG (up 6.4 percent), while top laggards were PKGP (down 13.4 percent), PAKT (down 12.0 percent), GADT (down 10.8 percent), NBP (down 7.4 percent) and INIL (down 6.8 percent).
An analyst at JS Global Capital said that the KSE-100 index touched its all-time highestlevel of 81,940 points during the week on the back of optimism from Staff level agreement (SLA) with the IMF last week. The Index, however, underwent correction during the last trading session and recorded 2.1 percent decline in a single day.
Copyright Business Recorder, 2024
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